KUALA LUMPUR: Malaysian Industrial Development Finance Bhd’s subsidiary MIDF Amanah Investment Bank Bhd has unveiled its online investment platform to give Malaysians direct and secure access to stocks and ETFs listed on the New York Stock Exchange and Nasdaq at competitive rates.
Called MIDF Invest, the platform is touted to be an easy-to-use app that provides tutorials and research for the novice, charting and other trading tools for advanced users.
It also simplifies funds transfers to and from the investor’s Malaysian bank account.
According to MIDF, users can open an Islamic account and invest in Shariah-compliant shares such as Apple, Alphabet, Facebook and Tesla, and ETFs listed on the NYSE and Nasdaq.
From July 6 to 31, MIDF Invest will offer free brokerage for all trades under US$1,000.
“In recent years Malaysian investors, both fund managers and individuals, have become more sophisticated and knowledgeable, and we have seen a growing interest in investing in other markets, particularly into the US stock markets.
“This is driven by the need to diversify one’s portfolio as well as the attractions of the high returns of the U.S. markets, driven in part by the performance of technology companies.
“We have created this app because we believe that investing overseas should be made available and affordable for all,” said MIDF group managing director Datuk Charon Wardini Mokhzani in a statement.
MIDF senior vice president and head of digitalisation Khairi Shahrin Arif Bakri added that the platform will allow users to achieve financial goals or to just earn some passive income.
The product is delivered in partnership with Saxo Markets Asia Pacific, a licensed subsidiary of Saxo Bank, a well-regulated and industry-leading provider of investment services and technology.